President Ferdinand “Bongbong” Marcos Jr. has given the green light on the merger of United Coconut Planters Bank Leasing and Finance Corporation ) and the Land Bank of the Philippines Leasing and Finance Corporation .“The merger of LLFC and ULFC, with LLFC as the surviving entity, is hereby approved, subject to relevant laws, rules and regulations,” the EO stated.
"The said merger shall also transfer all the assets and liabilities of United Coconut Planters Bank to LBP, including its ownership shares in ULFC. The merger is pursuant to Section 5 of Republic Act No. 10149 or the "GOCC Governance Act of 2011,” whereas, “the GCG en banc finds the merger of LLFC and ULFC to be in the best interest of the State, to eliminate unnecessary overlap in the mandates and functions of LLFC and ULFC.